Bitcoin is the most popular cryptocurrency available in the market. It is the most valuable of all the currencies. Dash is one of the emerging competitors of bitcoin in the crypto market. Dash is the abbreviation for “Digital Cash”.
One of the main disadvantages of bitcoin is that all the transaction details are visible to anyone who can access the blockchain. This problem is solved by the dash coin and provides the option of anonymous transactions.
Evolution of Dash Coins
Dash was developed by Evan Duffield in 2014 as a fork of bitcoin. It uses the same blockchain technology as that of bitcoin including some changes. In 2014 this anonymous cryptocurrency is launched as Xcoin.
Later it was renamed to Dark coin and then finally in March 2015 as Dash coin. As reported in April 2018, the dash had a total market capitalization of 4.3 billion USD and is one of the top 12 cryptocurrencies in the world.
The Technology Behind Dash Coin
Dash is a fork of bitcoin with some minor modification, so it uses the blockchain technology. It has a decentralized platform in which no authority can control its activities. The primary servers which control the transactions are known as master nodes.
Master nodes are the same as miners in the bitcoin network but a miner needs to deposit 1000 DASH to become a master node. This process verifies the transactions in the dash network. The use of this architecture provides the dash network with very large processing power.
Advantages of Dash Coin
- Insta sends: The approval and processing time of the dash coin is very low when compared to the bitcoin. This is due to the usage of master nodes, which instantly approve the transaction. This is also due to the higher block size of the dash network. Dash network can process 400mb of transaction which 400 times that of bitcoin.
- Private send: It is the anonymous nature of the dash coin. The details of the transaction are not revealed to other users thus providing privacy to the users. For a bitcoin network, anyone who has access to the blockchain can obtain the transaction details.
- Governing Body: Unlike bitcoin, the dash coin network has a governing body. It consists of the group of master nodes that can vote to make a decision.
Buying and Storing of Dash Coins
As one of the largest and most popular cryptocurrency, dash coin is available in major exchanges spanned throughout the world. Cat Ex has the largest volume of dash coin. Dash is also available in many credible exchanges such as Coinbase and Binance. Storing of the dash is also easier as many wallets support the dash coin. Some of them are as follows:
- Hardware wallets – Ledger, Trezor, and Keepkey.
- Desktop wallets – Dash core desktop, Exodus, Jaxx, etc.
- Mobile wallets – Dash android and Dash ios.
Initially, the dash was developed as a fork of bitcoin but the further development in the network converted dash to be more practical than the bitcoin. Most of the drawbacks of bitcoin such as speed, scalability, etc. were solved in the dash network. Thus dash is developing to a favorite among the crypto community.